Hello Miners, this is Terra Casino. This post is an open application/discussion/brainstorming of our launch on pylon

Pylon Gateway Project Application
#1

Get! Set! Bet!

Aren’t you tired of be cheated by online gambling sites with their rigged games and refusal to payout? Lets run them out of business by making casinos decentralized. This is team Terra Casino wanting to launch an actual decentralized casino on the Terra Network. Terra Casino is decentralized smart contract based gamified DAO on the Terra Ecosystem. It will boost the use of Terra’s native stable coin uses.

In its simplest form, its online gaming using terra stable coins. Users can choose to use terra stable coins (other cryptocurrencies and even fiat will be accepted and converted to UST to play classic and innovative gambling games such as slots, roulette, blackjack etc. In future releases of Terra Casino, we plan to have event based peer-to-peer betting’s.

We developed through the Terra Spacecamp hackathon and have our MVP on Terracasino.games . Note that we are redoing our website and thus it may not be accessible.

Our white paper is still in draft and will be released soon.

The purpose of this post is just to brainstorm our launch with the community.

The team consist of developers and experienced business analysts. The developer part of the team are new to RUST and smart contracts but are passionate enough to learn the basics and create an MVP (that we showcased on SpaceCamp hackathon and can be accessed as terracasino.games).

Moving forwards with our vision, to be able to develop sophisticated smart contracts on the terra blockchain that facilitates secure and robust casino games we would need to hire a team of experienced devs.

We have come up with a model of financing where the funds raised will be used to bootstrap the casino bets and at the same time allow it to generate yield to expense the cost of developing the project. While the valuation/price of the token may seem high, it is important to note that the team doesn’t receive any of this money and all the funding is locked up in the treasury contract of Terra Casino. Essentially, the money raised still belongs to the token holders as they decide what happens to the raised fund through governance.

We have given a lot of thought to how we should launch and have come to brainstorm what the pylon community thinks about us launching exclusively through pylon. This will of course come with benefits to MINE stakers. We are planning to airdrop 3% of our total supply to Mine stakers should we get an exclusive launch through pylon!

Our plan for fundraising is to allocate 20% of our total supply to the pylon launchpad. 15% of which will be through direct swaps and 5% to pools for lunatics that want a lossless investment. The pricing we have in mind based on the bootstrapping needed for the casino and the yield for project expense is 0.069 UST : 1 TCHIP if the pylon community wants to do a direct swap. Alternatively, the scout model could also be explored so the community can collectively decide the worth of the project. We have already discussed these things with woojin and the pylon team and they have give us great insight and things that need to be discussed with the community.

We expect to be ready with our website, a working prototype and our whitepaper before the end of December. We plan to launch through pylon during January of 2022.

We along with the community have until then to discuss and brainstorm.

Oh and did we mention that we have had or never will have any private sales, VCs or anyone that will potentially dump on our true supporters which is you the community. All expenses so far for the project have been funded by the team only.

In Summary, following are the points that need discussion

  1. Should Terra Casino do an exclusive launch on Pylon
  2. How should the 3% of airdrops be distributed to the Mine Governance stakers
  3. Should the swap and/or pools only be available to Mine stakers
  4. Should there be a min/max purchase/swap capability per wallet based on amount and/or duration staked
  5. Should the price and therefore supply of tokens for swap and/or pools be modified

The Terra Casino team is very excited to hear your thoughts.

Best,
Terra Casino team,
Time to go all in.

Edit 1: Adding in some information of the planned Tokenomics

Public sale (Casino Bootstrapping ) : (20%) 15% direct swap, 5 % to Pools
Luna Stakers Airdrop : (2%) No lock
Pylon Stakers Airdrop : (3%) No lock
Liquidity(10%) provided by the project over 36 months (TCHIPS LP)
Project user incentives (Play to Earn): (20%) 12 months linear release
Governance/Treasury : (25%) 24 months linear release.
Team and advisors : (20%) 12 months lock, 24 months linear release

5 Likes
#2

Hi,

Interesting use case for UST and I’m excited to see gambling related apps starting to appear in the Terra Ecosystem.

Wanted to share my thoughts on your proposal:

  1. An exclusive launch on Pylon would be great and it will allow your team to focus on launching on a singular platform instead of coordinating the launch between multiple launchpads.

  2. I believe the 3% airdrop should be gradually airdropped to MINE stakers weekly over a prolonged period of time (2 years?). This really should tie in to your roadmap and vision as the airdrop could result in considerable sell pressure if not spaced out well. Many of the current Terra Altcoins are facing excessive emissions and are being heavily punished for it. Have a gradual emission program that scales with your product launches to ensure longevity and stability in your project.

  3. IMHO, Swaps should be available directly to MINE stakers to encourage MINE staking and foster your partnership with Pylon. Pools should made open for all to allow maximum participation and also enable yourself to draw in crowds outside of MINE staking.

  4. I believe this point ties in with point 3 and Swap amounts should tie in linearly with amount + time staked for MINE. Rewarding holders that have longer holding power would be beneficial to your project as they will be less susceptible to flipping your tokens right after the launch.

  5. Really need to see your tokenomics break down to answer this question.

Looking forward to learning more about your project in the coming months.

Regards,

Defi_Maestro

6 Likes
#3

I’d love to see some functional crypto gambling website but how would you address concerns about fairnes of available games?

Whole thing seems a bit vague right now and I don’t see any reason to release a token, what would be it’s utility?

Many have tried to build decentralized casino and according to my knowledge there is nothing useful as of now on any chain. Correct me if I’m wrong.

1 Like
#4

On the swap allocation to Mine stakers … I think it should be done in three stages…

  1. Open swap 1st only for long term stakers - say with a period of 30 days atleast. Wallets should be whitelisted using a process or by assessing the activity of the wallet to avoid bots and whale manipulation.

  2. 2nd open for any Mine stakers (if not sold on the first step)

  3. Remaining tokens can be sold for public to buy. Community/public whitelisting process can be held to build pylon/project community

#5

Agreed on most points. I wrote on the Sayve Protocol thread about Swaps please read there.

Regarding Airdrops, I say do away with it. Analytics have shown airdrops just create excessive sell pressure and doesn’t help with building a community (refer to thread by Ed regarding Pylon Treasure). Easy come easy go. Allow for airdrop allocations to Swaps or Pylon Pools.

#6

Hey,

Thanks for coming to us with your proposal, love the chad energy of looking at doing it all on Pylon.

I have a few questions/thoughts.

  • Will you be offsetting a % of revenue into Angel Protocol? I am not opposed to people gambling and everybody is free to do what they want with their own money. However, gambling does negatively impact some people. Given this, and being in line with the Terra spirit of Angel Protocol, I would love to see a significant % of revenue redirected to them.

  • Could you update us some more about the tokenomics? Without knowing the total supply the details around allocation, price, etc. are difficult to make sense of.

  • As somebody else pointed out, could you explain the utility of the token?

  • I would recommend rather than doing an airdrop to MINE stakers, to utilise our soon (hopefully passing in a governance vote soon) to be treasury. The format of this treasury is still being ironed out, but we might have a function called ‘treasury swaps’ that would work well with your project given you also aim to have a community-based treasury.

  • As for swaps, I STRONGLY recommend reserving a significant proportion, if not all for MINE stakers. More specifically, it would be useful that have the allocation directed by a function of time and amount of MINE staked. The community here are also exploring how this will look.

For me at least, with this above information explained I would then be able to better answer your questions and work with you to hopefully find a good way for your project to launch via Pylon.

#7

Also, absolute chad move as well to not do private + VC :wink:

1 Like
#8

Hi Bob,

Thank you for your feedback.

To deal with fairness, the games will have a provably fair method to verify the random number generations.

There is a clear need to release a token because it has the following utilities.

  • Using of TCHIPS to buy NFTs that can be used in game such as nametags , avatars, cards or other graphics and media
  • Using of TCHIPS to setup custom bets on Terra Casino. These bets can literally be about anything
  • Using of TCHIPS for setting up Governance proposals and voting.
  • Governance vote to choose certain parameters as a DAO (rake, win rate, change to win, etc.)

Yes many have tried and haven’t been able to successfully build a working casino for many reasons usually regarding running out of funds, we are trying a new approach and strategy to survive in this space (more information will be revealed through our whitepaper)

2 Likes
#9

Hi rockygce,

Thank you for your opinion. We think it makes good sense. We will discuss the feasibility of this with the pylon team. Thank you.

2 Likes
#10

Hi Woody,

Thank you for your concerns, let us try to clarify them below.

Regarding charity, yes we have a continuous cycle of revenue generation and a certain percentage (which can also be decided by governance) will be directed to angel protocol. We have already discussed this with the team.
P.S: We are also a part of the Angel Alliance and we are honored to be a part of it

Tokenomics have been updated on the main post, more details will follow on the whitepaper.

Token utility has also been discussed in reply to Bobs question.

The treasury swap sounds like a good idea, maybe we can divide between that and airdrops to mine stakers.

For swaps, it makes full sense that swaps should give priority to Mine stakers through maybe being offered to buy before non mine stakers. We believe swaps should not be exclusively to Mine stakers as Terra needs to attract more people from other chains too. But as mentioned, Mine stakers should get the benefit first.

2 Likes
#11

Hi Simon,

Thanks for your feedback regarding the airdrops.

Woody mentioned something about the pylon treasury , which we think is a good idea if as you said to decrease sell pressure, so we may be doing a bit of both.

1 Like
#12

Really happy to hear that. It goes a long way to getting my support.

Even with the update, the tokenomics still don’t give us enough information to provide adequate feedback around Pylonswaps. For example, we know the price of TCHIPS and the % of total supply allocations, but we don’t know what the total supply is. So for all I know, 20% of the total supply is 5 TCHIPS tokens @0.069 UST each.

So long story short, I can only really give feedback for 1 & 2.

I am ok with allowing people beyond MINE stakers to access swaps, but this is again hard to actually answer without knowing how much $ you’re looking to raise.

All in all, I am keen to read the white paper to get some more information. Can you please post it in here when it is published :grinning:

2 Likes
#13

Hi Woody,

We cant seem to edit the post to add more information but nonetheless let us share it in this reply. We have a total supply of 1 Billion tokens. Swapping about 15% of total supply at 0.069 UST : 1 TCHIPS will raise a total of about 10 Million UST. Another 5% will go into the pools. All of this raised funds will be locked up in the treasury contract and the team will have no access to it. What happens to this principle amount (or other excess profits generated by the casino) is decided by the governance. The team will only receive the yield (initially) from the treasury to build the project. That is estimated to be about 3500 UST per day which is what we estimate the cost of hiring devs and other resources would be.

As for our whitepaper, we are trying to finalize the details based on this community discussion.

#14

Wow, love that your capital is been governed by the community, really getting behind the decentralised ethos.

Thanks for providing this information, it makes it a lot easier for me to provide useful feedback. I will address each dot point you originally posted.

1 - Yes. Although Pylon has been through a difficult patch, it is still very much encapsulates the values and ethos of the Terra ecosystem. This is why I think so many Lunatics initially fell in love with Pylon. Pylon is now growing into something even better, something even more aligned with the Terra ecosystem and Terra Casino. Like yourselves, Pylon has decentralised governance and is currently moving to a community governed treasury. At the end of the day you choose where you launch, but I believe your values are far more aligned with Pylons than other options.

2 - I already provided feedback on this. With that said, now that I am aware that you wish to raise $10m via Pylon swaps and you will also have a community governed treasury, my view changes a bit. Here is how I would utilise the 3% airdrop.

If you will require people to do KYC for the swap, then I would recommend airdropping (100% airdrop and no treasury swaps) the 3% to the wallets staking MINE who don’t participate in the swap, whereby distributing the airdrop amount depending on time and amount of mine staked. This way the tokens are at least directed towards people who might be excluded due to KYC.

If KYC isn’t required, then I would go with a 100% airdrop (again no treasury swap) to all MINE stakers with a 1-year linear release. This can again utilise a function of time and amount of mine staked.

3 - No. Pools should be open to everyone (no restrictions) given there will be a significant amount of capital raised via swaps. For Swaps, given the $10m allocation I think it is appropriate to allocate $9m to Mine stakers and $1m to the general public. With this, if the full $9m isn’t purchased by the MINE staking community, then we can utilise the Pylon treasury to purchase the leftover (we are calling this treasury swaps), or alternatively it can be reallocated to the public swap.

With treasury swaps, we are viewing these as a long term investment by the Pylon community, somewhat like a ventureDAO. We would expect these tokens to be locked/vesting for longer than others. Like yours, the treasury will be governed by MINE stakers. This ideally aligns the Pylon community (and ultimately investors in your project) to support the long term visions of Terra Casino…

4 - The Pylon Swap allocation for MINE stakers should definitely be a function of time and amount of MINE staked.

5 - I think the overall valuation of Terra Casino is fair. Thus I think the price/supply is fine. The only thing I would like to see is linear or gradual releases of tokens, thus reducing the chance of big sell offs.

4 Likes
#15

I just add to the other feedback what I think was not said.

  1. a lightpaper is necessary
  2. Tchips amx supply is not stated (so the 0.69 pylon swap price cannot be assessed)

Personally I consider a pylon swap price proper when a x10 is realistic for the investors (I like that the vesting period is long though cause the price is really low this way).
If the fully diluted market cap of your token can be assumed to be 150 mn. it means
you can get 1 mn immediately from swap (pricing the token so that supply*swap price =150 mn), put on the gateway something which can in average lock 15 mn (redirecting 1.5-2 mn all in all) and leave the rest for airdrops. Adjust the numbers based on your need if they don’t fit properly.